Commercial Inland Marine Forms & Floters Flashcards
A dry cleaning business is liable for damage to a customer’s clothes after a dryer fire.
Bailees Customers Form
A technician is installing a heating system into someone’s home when the system malfunctions.
Installation Floater
A truck drives into a building that is still being constructed and damages building materials and supplies.
Builders Risk Coverage
A landscaping company wants to protect its power drills and bulldozers.
Contractors Equipment Floater
After a fire at the business, the harvesters, tractors, and bulldozers kept as stock are badly damaged.
Equipment Dealers Floaters
A trucking corporation loses its business records after a fire, making it impossible for the corporation to collect money it is owed from customers.
Accounts Receivable Coverage Form
A business has its deeds, maps, and mortgages destroyed in a fire and needs to replace them.
Valuable Papers and Records Floater
which serves as both a contract and a receipt for goods accepted into the carrier’s care, verifying receipt of the cargo by the carrier and guaranteeing safe delivery. receipt for the goods being transported, as issued by carriers. receipt for the goods being transported, as issued by carriers.
Bill of Landing
A contract and receipt for cargo accepted into the carrier’s care, making the carrier liable for the full value of cargo
straight bill of landing
A contract and receipt for cargo accepted into the carrier’s care, making the carrier liable for a stated value of cargo
released bill of landing
Cargo forms protect carriers against their legal liability for cargo. Multiple cargo coverage forms are available, depending on if the carrier has care of non-owned property or if the carrier owns/ships the property.
Motor Truck Cargo Forms
Property coverage for cargo, when the insured carrier owns the truck itself, but the cargo belongs to another entity
Motor Truck Cargo Trucker Form
Property coverage for cargo, when the insured carrier owns both the truck and the cargo inside of it
Motor Truck Cargo Owners Form (Shippers Form)
Companies that transport their own goods on their own trucks and also transport the goods of others need bailee coverage and coverage as property owners. A combination form is available to combine the coverages provided by the Truckers Form and Owners Form.
Motor Truck Cargo Combination Form
carriers accept most or all of the liability for lost or damaged property in transit, there may still be losses to cargo that fall outside of that liability. For this reason, the owners of the cargo also need insurance coverage for their property that has been placed with a hired carrier.
Transit Coverage Form
Property coverage for cargo, when the insured cargo owner ships or receives cargo multiple times throughout a given year
Annual Transit Coverage Form
Property coverage for cargo, when the insured cargo owner has only one shipment for which it needs coverage
Trip Transit Coverage Form
is the oldest form of property insurance.
It insures the transportation of goods and merchandise (imports and exports) by vessels crossing domestic and foreign waters, as well as any inland or aviation transit connected with the shipment—this is known as warehouse to warehouse insurance
Ocean Marine Insurance
by vessels crossing domestic and foreign waters, as well as any inland or aviation transit connected with the shipment
warehouse to warehouse insurance
are written into the policy contract, such as the exclusion of coverage for war, strike, riot, and civil commotion.
Express Warranties
are not always written into the contract, but they are generally understood by all parties.
are binding, and any breach of them will void the policy.
Implied Warranties
Implied warranties include:
Legality, Seaworthiness, No Deviation in Voyage, Condition of Cargo
Perils of the Sea
Heavy weather
Collison
Stranding
Barratry
Piracy
Jettison
sometimes called the Additional Perils clause, that covers damage caused by latent defects in the hull (the ship itself) or machinery of the vessel, errors in navigation, or management errors by the captain or crew. This would include damage caused by the bursting of boilers or the breaking of propeller shafts.
Inchmaree Clause
What are the three main coverages provided under Ocean Marine Property Coverages?
provides three main property coverages for the hull, cargo, and freight.
-covers physical damage to the ship, boat, or barge itself, including fittings and machinery of the vessel.
-Coverage may be written on an open or named perils basis, though named perils is more common, insuring against the perils on the sea and the perils of the sea.
Hull Insurance
which adds legal liability coverage for physical damage to another vessel and its cargo resulting from collision caused by negligent operation of the insured vessel.
Running Down Clause
Coverage is provided for physical damage to the vessel, including collision coverage and coverage for the bursting of boiler
Hull Insurance
Coverage is provided for physical damage to merchandise being transported
Cargo Insurance
the buyer takes interest in the property as soon as the trip begins
FOB (Free on Board) Point of Shipment
the seller retains interest in the property until after the trip is completed.
FOB Point of Destination
In Ocean Marine insurance, liability coverage is called what?
Protection and Indemnity insurance
Coverage is provided for indirect losses, such as import duties the shipper cannot recover when a trip is cancelled
Freight Insurance
Coverage is provided for the shipowner’s liability, such as injuries to passengers, work-related injuries, and wreckage clean-up costs
Protection and Indemnity insurance
